Welspun Corp (532144) Q2 25/26 earnings summary

Executive summary

• Achieved record-high consolidated order book of INR 23,500 crore as of September 30, 2025, supporting strong revenue visibility for the next two years in the US and over a year in other markets.

• Q2 FY26 saw robust operational and financial performance, with significant growth in sales volumes, profitability, and margin expansion across key product segments.

• Approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

• Incorporated two wholly owned subsidiaries in the UAE for investment holding and global marketing/trading activities.

• Acquired an additional 4.11% equity stake in Welspun Specialty Solutions Limited, increasing holding to 55.17%.

Financial highlights

• Q2 FY26 consolidated revenue was INR 4,409 crore, up 31% year-over-year; EBITDA reached INR 626 crore, the highest ever, with a margin of 15.0%.

• PAT for Q2 FY26 was INR 440 crore, up 53% year-over-year; basic EPS for H1 FY26 was INR 30.01.

• H1 FY26 EBITDA was INR 1,186 crore, on track to meet FY26 guidance of INR 2,200 crore.

• Finance cost reduced by 41% year-over-year to INR 49 crore in Q2 FY26.

• Net profit margin for H1 FY26 was 10.00%, up from 8.24% in H1 FY25.

Outlook and guidance

• Confident in achieving or exceeding FY26 EBITDA guidance of INR 2,200 crore, with strong order book and execution capability.

• US market visibility extends to FY28, with India and other regions having over a year of order book visibility.

• Board expects further consolidation in subsidiaries and continued focus on global expansion through new UAE entities.

• Strong demand outlook in the US, KSA, and India driven by energy, water, and infrastructure projects.

• Focus on maintaining Net Debt/EBITDA below 1 and continued capex for growth projects.